The group owner yesterday posted $5.1 million in TV station revenue, up from $4.5 million in the year-earlier quarter. But it canceled a conference call scheduled for today because it hasn’t completed calculating an impairment charge and said it will file its 10-K on March 31.
Saga Communications Inc. reported television revenue for the fourth quarter ended Dec. 31 of $5.1 million, up 13.3% from $4.5 million in the same period a year earlier. Operating income rose 18.1% from $931,000 to $1.1 million.
Saga, which was supposed to announce its earnings today with a conference call, has not finalized a fourth quarter non-cash impairment charge and its related tax impact (which could be significant) and therefore is not releasing net income (loss) or earnings (loss) per basic and diluted share at this time and moved up the announcement to Tuesday and canceled today’s scheduled call. It said it will file its annual 10-K form with the Securities and Exchange Commission on March 31.
For the company as a whole (it owns or operates five television stations and four low-power television stations; 61 FM and 30 AM radio stations; three state radio networks; and two farm radio networks), net operating revenue decreased 7% from the comparable period in 2007 to $35.0 million.
Station operating expense decreased 2.8% to $26.6 million (station operating expense includes depreciation and amortization attributable to the stations) and operating income (excluding non-cash impairment charge) decreased 21.2% to $6 million.
On a same station basis for the quarter, net operating revenue decreased 7.2% to $34.7 million, operating income (excluding non-cash impairment charge) decreased 21% to $6 million and station operating expense decreased 3.1% to $26.4 million.